268,657 Netflix, Inc. $NFLX Shares Sold by Eastern Bank

Eastern Bank cut its stake in shares of Netflix, Inc. (NASDAQ:NFLX - Free Report) by 73.1% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 98,620 shares of the Internet television network's stock after selling 268,657 shares during the quarter. Eastern Bank's holdings in Netflix were worth $6,862,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Rockland Trust Co. lifted its position in shares of Netflix by 27.5% during the third quarter. Rockland Trust Co. now owns 219,221 shares of the Internet television network's stock valued at $15,253,000 after purchasing an additional 47,339 shares in the last quarter. MassMutual Private Wealth & Trust FSB lifted its stake in shares of Netflix by 4.0% during the 3rd quarter. MassMutual Private Wealth & Trust FSB now owns 44,626 shares of the Internet television network's stock valued at $3,105,000 after buying an additional 1,715 shares in the last quarter. Miller Global Investments LLC boosted its holdings in shares of Netflix by 174.0% in the third quarter. Miller Global Investments LLC now owns 1,096 shares of the Internet television network's stock worth $76,000 after acquiring an additional 696 shares during the period. Polaris Financial Partners purchased a new position in Netflix during the 3rd quarter valued at about $2,677,000. Finally, Boltwood Capital Management grew its stake in Netflix by 4.2% during the third quarter. Boltwood Capital Management now owns 6,929 shares of the Internet television network's stock valued at $482,000 after acquiring an additional 282 shares in the last quarter. 80.93% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Netflix news, CEO Gregory K. Peters sold 27,312 shares of the business's stock in a transaction dated Thursday, August 6th. The stock was sold at an average price of $73.54, for a total value of $2,008,524.48. Following the completion of the transaction, the chief executive officer owned 120,931 shares of the company's stock, valued at approximately $8,893,265.74. The trade was a 18.42% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Theodore A. Sarandos sold 105,850 shares of the business's stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $73.03, for a total transaction of $7,730,225.50. Following the transaction, the chief executive officer directly owned 206,266 shares of the company's stock, valued at $15,063,605.98. The trade was a 33.91% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 179,045 shares of company stock worth $13,132,194 in the last three months. Corporate insiders own 1.24% of the company's stock.

Netflix Stock Down 0.5%

Shares of NASDAQ NFLX traded down $0.33 on Monday, reaching $66.73. 15,928,773 shares of the company's stock traded hands, compared to its average volume of 42,486,203. Netflix, Inc. has a 12 month low of $65.08 and a 12 month high of $124.86. The company has a quick ratio of 1.14, a current ratio of 1.14 and a debt-to-equity ratio of 0.39. The company has a market cap of $277.87 billion, a price-to-earnings ratio of 21.00, a price-to-earnings-growth ratio of 0.95 and a beta of 1.62. The business's 50 day simple moving average is $75.73 and its two-hundred day simple moving average is $82.16.

Netflix (NASDAQ:NFLX - Get Free Report) last released its earnings results on Thursday, July 16th. The Internet television network reported $0.80 EPS for the quarter, topping the consensus estimate of $0.79 by $0.01. The business had revenue of $12.56 billion for the quarter, compared to the consensus estimate of $12.58 billion. Netflix had a return on equity of 40.02% and a net margin of 28.22%.The company's revenue for the quarter was up 13.4% compared to the same quarter last year. During the same period in the previous year, the company posted $0.72 earnings per share. As a group, equities research analysts forecast that Netflix, Inc. will post 3.59 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. JPMorgan Chase & Co. reaffirmed a "buy" rating on shares of Netflix in a report on Thursday, August 20th. Stephens assumed coverage on Netflix in a research report on Friday, July 17th. They set an "overweight" rating on the stock. The Goldman Sachs Group cut Netflix from an "underweight" rating to a "sell" rating in a report on Monday, July 20th. UBS Group reduced their target price on shares of Netflix from $130.00 to $115.00 and set a "buy" rating on the stock in a report on Friday, July 17th. Finally, KGI Securities cut Netflix from an "outperform" rating to a "neutral" rating and set a $75.00 price target on the stock. in a research note on Friday, July 17th. Four research analysts have rated the stock with a Strong Buy rating, thirty-four have issued a Buy rating, fifteen have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $95.27.

Netflix Company Profile

Netflix, Inc NASDAQ: NFLX is a global entertainment company that operates a subscription-based streaming service. It offers a broad range of television series, films, documentaries, and other programming, including original productions developed under the Netflix brand and licensed content from third-party studios.

The company also provides advertising-supported viewing options in some markets and has expanded into related entertainment categories, including mobile and cloud-based games, live programming, and consumer products associated with selected titles.

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